Tax Tips

It’s time again for folks to renew their ITINs…here are some things to remember

2019, Individual, Tax Tips / By

IRS Tax Tip 2019-162, November 19, 2019 Taxpayers with individual taxpayer identification numbers should find out if their number expires this year. If it does, they should renew it now to avoid delays with their refund when they file their taxes next year. An ITIN is a tax ID number used by taxpayers who don’t qualify for a Social …

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Taxpayers can take steps now to Get Ready to file their taxes in 2020

2019, Individual, Tax Tips / By

IRS Tax Tip 2019-161, November 18, 2019 There are steps people can take now to make sure their tax filing experience goes smoothly next year. First, they can visit the Get Ready page on IRS.gov to find out more. Here are a few other things people can do now: Check their withholding and make any adjustments soon Since most …

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Taxpayers can find answers to questions about private collection agencies on IRS.gov

2019, Individual, Tax Tips / By

IRS Tax Tip 2019-160, November 14, 2019 Taxpayers who are contacted by a private collection agency on behalf of the IRS might have questions about the program. These taxpayers can visit IRS.gov to find answers to questions they might have. In fact, to better help these taxpayers, the IRS recently updated the private debt collection pages on IRS.gov. These …

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Taxpayers can start to Get Ready now for filing their taxes next year

2019, Individual, Tax Tips / By

IRS Tax Tip 2019-159, November 13, 2019 Most people don’t usually start thinking about their taxes until January. However, it’s not too early to start now. In fact, taxpayers can get ready for the upcoming tax filing season by doing a few simple things. First things first… they can visit the newly updated Get Ready page on …

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Members of the military can check out these resources to help answer tax questions

2019, Individual, Tax Tips / By

IRS Tax Tip 2019-158, November 12, 2019 When it comes to taxes, members of the military often have unique circumstances. IRS.gov has info on several topics that affect current and former military personnel, as well as their families. Here are resources where people can go to find more information. Tax Information for Members of the …

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Good recordkeeping is just good business

2019, Recordkeeping, Tax Tips / By

Tax Tip 2019-157, November 7, 2019 Recordkeeping is an important part of running a small business. In fact, keeping good records helps business owners make sure their business stays successful. Here are some things small business owners should remember about recordkeeping: Good records will help business owners: Monitor the progress of their business Prepare financial statements …

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Small business owners should find out if they can benefit from claiming this deduction

2019, Small Business, Tax Tips / By

Tax Tip 2019-156, November 6, 2019 The home office deduction can help small business owners save money on their taxes. Taxpayers can take this deduction when they file their taxes if they use a portion of their home exclusively, and on a regular basis, for any of the following: As the taxpayer’s main place of business. As …

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Veterans who own small businesses can follow the IRS on their smart phones

2019, Small Business, Tax Tips / By

Tax Tip 2019-155, November 5, 2019 Veterans who are small business owners likely have lots of questions about their business taxes. National Veterans Small Business Week is as good a time as any other to connect with the IRS over social media. These business owners can pull out their smart phone or their computer and …

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IRS.gov resources help small businesses have big success

2019, Small Business, Tax Tips / By

IRS Tax Tip 2019-154, November 4, 2019 National Veterans Small Business Week is the perfect time for veterans who are business owners to check out the IRS’s online resources. Here are a few of the webpages that can help small businesses understand their tax responsibilities. Self-Employed Individuals Tax Center This a great resource for sole …

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Organizations take these easy steps to apply for tax-exempt status

2019, Tax Tips / By

IRS Tax Tip 2019-153, October 31, 2019 Some taxpayers think simply creating a nonprofit automatically means an organization is tax exempt. There’s more to it than that. To become a tax-exempt nonprofit, there are few things the group must do up front. An organization must determine whether it’s a trust, corporation or association. They then must apply …

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